Singapore Q1 GDP: Mixed performance by key sectors

Wong Wei Kong

Published Tue, Apr 14, 2015 · 12:24 AM

Singapore's key economic sectors recorded mixed performances in the first quarter of 2015, according to preliminary estimates by the Ministry of Trade and Industry (MTI).

The core manufacturing sector contracted by 3.4 per cent on a year-on-year basis, following the 1.3 per cent decline in the previous quarter. The contraction was due to a fall in output in the transport engineering, electronics and precision engineering clusters. On a quarter-on-quarter basis, the sector contracted at an annualised rate of 2.3 per cent, extending the decline of 2.5 per cent in the preceding quarter.

The construction sector expanded by 3.3 per cent on a year-on-year basis in the first quarter, an improvement from the 0.7 per cent growth recorded in the preceding quarter. Growth was driven by a pick-up in private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, growth in the sector accelerated to 13.8 per cent, from 2.2 per cent in the previous quarter.

Services producing industries grew by 3.1 per cent on a year-on-year basis in the first quarter, which is the same rate of growth as in the previous quarter. Growth was supported by sectors such as wholesale & retail trade and business services. On a quarter-on-quarter basis, the services producing industries contracted at an annualised rate of 0.4 per cent, a reversal from the 7.8 per cent expansion in the preceding quarter.

Overall, the Singapore economy grew by 2.1 per cent on a year-on-year basis in the first quarter of 2015 based on advance estimates, the same rate of growth as that achieved in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.1 per cent compared to the 4.9 per cent in the preceding quarter.

MTI will release the preliminary GDP estimates for the first quarter, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in May 2015.